This week, millions of Americans went to the polls to vote. They went to vote for candidates who said they were going to cut taxes, raise taxes, or keep taxes the same. But they went to make their voice heard, meanwhile, Ben Bernanke and his banking friends raised taxes on the entire world. And they did not have to go to Congress, they did not have to debate with the Obama administration or whether they were going to extend or phase out the Bush tax cuts. Instead of Americans debating about what party is going to be in power, we should be debating about whether or not we are going to phase out the Federal Reserve System completely.
Please make sure to thank Bill Clinton (Progressive(D)) and Newt Gingrich (Progressive(R)) for giving us the WTO and free trade…look how it has balanced the world.
We created global trade. We created global finances. We created global companies, but we forgot to create a global government. – Andy Stern (SEIU)
Wow – Glenn has joined the rest of the tinfoil hat wearing crowd that realizes that the universe usually has an intrinsic balance, and when events are out of kilter; there’s a good reason why. I do believe that Glenn has become a devout believer in ‘if it looks like a duck…‘ For example: if it looks like Obama and the progressives are trying to dismantle America economically, meanwhile giving broad new powers over American citizens to the United Nations and giving billions of dollars away to foreign countries – well then, Chairman Zero and Co. may just be trying to globally redistribute American wealth. Welcome aboard Glenn…we’ve been waiting for you to start telling the whole truth. (Excellent show today.)
In the third video (this is continuous play) a Koolaid drinker asked Obama if this was the best she could expect because she was tired of defending him and his agenda. A word to the wise? The Tea Party Patriots are not crazy and we respectfully request that you put down the pitchers! This IS the beginning of a new reality that is only going downhill from here if this progressive Congress and White House are allowed to burn down the country.
Is everybody ready to go here and sign up to run for political office? You might be after you read this post.
Aug. 19 (Bloomberg) — Pacific Investment Management Co., which runs the world’s biggest bond fund, said the dollar will weaken as the U.S. pumps “massive” amounts of money into the economy.
The dollar will drop the most against emerging-market counterparts, Curtis A. Mewbourne, a Pimco portfolio manager, wrote in a report on the company’s Web site. The greenback is losing its status as the world’s reserve currency, he said.
“Investors should consider whether it makes sense to take advantage of any periods of U.S. dollar strength to diversify their currency exposure,” Mewbourne wrote in his August Emerging Markets Watch report. “The massive amounts of U.S. dollar liquidity produced in response to the crisis” have helped reduce demand for the currency, he wrote.
The Dollar Index, which tracks the greenback against a basket of currencies, touched 78.823 today, the lowest this week. It has fallen 12 percent from this year’s high in March as U.S. authorities pledged $12.8 trillion to combat the recession. China, the world’s largest holder of foreign-currency reserves, and Russia have both called for a new global currency to replace the dollar as the dominant place to store reserves.
“While we have not yet reached the point where a new global reserve currency will arise, we are clearly seeing a loss of status for the U.S. dollar as a store of value even in the absence of a single viable alternative,” Mewbourne wrote.
The U.S. government boosted spending and the Federal Reserve bought bonds to revive credit markets that seized up after financial companies posted $1.6 trillion in writedowns and losses, raising concern there is an oversupply of greenbacks.
Meanwhile, it appears the hater in the house (WH) is helping out his old buddy George Soros with Petrobras; a Brazilian Oil Company:
You read that headline correctly. Unfortunately, the Obama Administration is financing oil exploration off Brazil.
The U.S. is going to lend billions of dollars to Brazil’s state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil’s Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil’s planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.
The U.S. Export-Import Bank tells us it has issued a “preliminary commitment” letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.
But look on the bright side. If President Obama has embraced offshore drilling in Brazil, why not in the old U.S.A.? The land of the sorta free and the home of the heavily indebted has enormous offshore oil deposits, and last year ahead of the November elections, with gasoline at $4 a gallon, Congress let a ban on offshore drilling expire.
Well not here in the USA until more of his backers buy oil companies.
From Bloomberg on August 15, 2008
Aug. 15 (Bloomberg) — Billionaire investor George Soros bought an $811 million stake in Petroleo Brasileiro SA in the second quarter, making the Brazilian state-controlled oil company his investment fund’s largest holding.
As of June 30, the stake in Petrobras, as the Rio de Janeiro-based oil producer is known, made up 22 percent of the $3.68 billion of stocks and American depositary receipts held by Soros Fund Management LLC, according to a filing with the U.S. Securities and Exchange Commission. Petrobras has since slumped 28 percent.
From Bloomberg on August 14, 2009
Aug. 14 (Bloomberg) — Billionaire George Soros cut his stake in his biggest holding, Petroleo Brasileiro SA, in the second quarter while buying more shares of other energy producers.
His New York-based hedge-fund firm, Soros Fund Management LLC, sold 22 million U.S.-listed common shares of Petrobras, as the Brazilian oil company is known, according to a filing today with the U.S. Securities and Exchange Commission. Soros bought 5.8 million of the company’s U.S.-traded preferred shares.
Here is where he has bought now, and where you want to keep your eye.
Soros boosted his stake in oil company Hess Corp. to 5.1 million shares as of June 30 from 3.7 million at the end of the first quarter, according to the filing. Hess was Soros’s second- largest holding. He also added to stakes in Houston-based Plains Exploration & Production Co. and bought shares in Calgary-based Suncor Energy Inc. and InterOil Corp. in Sydney.
It appears Bambi is using our money because George pulled his, AND he still wants to be able to eat his cake too.
Ready to go to that link in the first sentence?